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        <name>Agnico Eagle Mines Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Airbnb, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alphabet, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Amazon.com, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>American Express Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>American Water Works Co., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Amgen, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Elevance Health, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Apple, Inc.</name>
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        <title>Apple, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Applied Materials, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Autodesk, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Avery Dennison Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>Becton Dickinson &amp; Co.</name>
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        <name>Best Buy Co., Inc.</name>
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        <name>Blackrock, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Booking Holdings, Inc.</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Bristol-Myers Squibb Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Broadridge Financial Solutions, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Broadcom, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cigna Group (The)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CSX Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CVS Health Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cadence Design Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Carpenter Technology Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Caterpillar, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Church &amp; Dwight Co., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cisco Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cintas Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Citigroup, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Clorox Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cognizant Technology Solutions Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Colgate-Palmolive Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Comcast Corp.</name>
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        <name>ConocoPhillips</name>
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        <name>Consolidated Edison, Inc.</name>
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        <name>Cummins, Inc.</name>
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        <name>Dell Technologies, Inc.</name>
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        <name>Devon Energy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Walt Disney Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NATIONAL BK OF CANADA FINANCIAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Electronic Arts, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Emerson Electric Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Equinix, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Eversource Energy</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Expedia Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Exxon Mobil Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fifth Third Bancorp</name>
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        <name>GE Vernova, Inc.</name>
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        <name>HP, Inc.</name>
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        <title>HP, Inc.</title>
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        <name>Halliburton Co.</name>
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        <title>Halliburton Co.</title>
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        <name>Hartford Insurance Group, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Home Depot, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hubbell, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Illumina, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ingersoll Rand, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Intel Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>International Business Machines Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>International Flavors &amp; Fragrances, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jabil, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Johnson &amp; Johnson</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KLA Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Keurig Dr Pepper, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kroger Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lam Research Corp.</name>
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        <title>Lam Research Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Las Vegas Sands Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Estee Lauder Cos., Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Eli Lilly &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lowe's Cos., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lululemon Athletica, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MSCI, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mastercard, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Microsoft Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Mondelez International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Moody's Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NetApp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Netflix, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Newmont Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NextEra Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Norfolk Southern Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NVIDIA Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Occidental Petroleum Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ONEOK, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PG&amp;E Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Paychex, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Paycom Software, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PayPal Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PepsiCo, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pfizer, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Phillips 66</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Prologis, Inc.</name>
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        <title>Prologis, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Public Service Enterprise Group, Inc.</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Group, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>PulteGroup, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Quanta Services, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ralph Lauren Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Republic Services, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Restaurant Brands International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Rivian Automotive, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Rocket Lab Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>S&amp;P Global, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Salesforce, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SLB Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sempra</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ServiceNow, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sherwin-Williams Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>QXO, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>State Street Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Stryker Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sysco Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TKO Group Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Target Corp.</name>
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        <name>Tesla, Inc.</name>
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        <name>Tractor Supply Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Travelers Cos., Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ulta Beauty, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ventas, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Visa, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Walmart, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Warner Bros Discovery, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Waste Management, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Williams-Sonoma, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Xylem, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Zillow Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Amer Sports, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Anglogold Ashanti plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>FTAI Aviation Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>CNH Industrial NV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NXP Semiconductors NV</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>FlexShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Randal Rein</ncom:signature>
      <ncom:signerName>Randal Rein</ncom:signerName>
      <ncom:title>Treasurer and PFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
